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The Republic of Malawi and BADEA Sign A US $ 6.4 million Loan Agreement |
In a ceremony held on Thursday 08th January 2004, a loan agreement was signed
between the Republic of Malawi and the Arab Bank for Economic Development in
Africa (BADEA). By virtue of this agreement BADEA extends to the Republic of
Malawi a loan of US $ 6.4 million to help finance Lilongwe International Airport
Project.
The signing ceremony was attended by Mrs. Melia Lydia Maganag-Nkhoma, Senior
Deputy Director Debt and Aid Management, Ministry of Finance, H.E. Mr. Ahmed
Abdallah El-Akeil, Chairman of BADEA's Board of Directors, and H.E. Mr. Medhat
S. Lotfy, the Director General of BADEA.
The loan will be repaid in 25 years including a grace period of 5 years and at
an annual interest rate of 2%.
The project aims at the rehabilitation and development of Lilongwe International
Airport for provision of more safety to air traffic, participation in increasing
foreign tourists movement, transport of export and imports of goods which will
increase economic revenue for the country and fight of poverty.
Including this new loan, the total commitments of BADEA to the Republic of
Malawi will amount to US $ 33.81 million. |
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